“Moneycorp’s appetite for overseas expansion is stronger than ever," the group's chief financial and operating officer Nick Haslehurst said. "The acquisition of Commonwealth FX will allow us to establish an even stronger foothold in the country."

However he added that the group's fresh focus on North America - it is also eyeing up potential deals in Canada and in March said it had its heart on at least two acquisitions in the region - is "not driven by Brexit or other political events."

However the UK's withdrawal from the EU has pushed the firm to apply for a Madrid office license so that it can have access to the European single market, with Mr Haslehurst saying the business will hire more people on the ground in Spain as a result of the move.

The British business, which traded £22.6bn in currencies last year, was set up in the sixties and now has over 700 members of staff. It was criticised in 2016 after reports found that its airport currency kiosks were offering €0.88 to the pound at a time when sterling had rebounded to €1.13.